Wednesday 12th of January 2011
Individuals who are self employed may increasingly feel the need to ask individual voluntary arrangement questions, following new findings.
The Consumer Credit Counselling Service has revealed people who work for themselves are far less able to repay their debts than those who are employed by others.
According to the organisation, the problem is being exacerbated because those who have been made redundant are opting to set up their own business rather than seeking work elsewhere.
It claimed such an approach can heap pressure on an already tough financial situation.
Geoff Waugh, head of the CCCS Self Employed Centre, said: "Not only are a large proportion not earning enough to repay what they owe, a significant number don't earn enough to cover the cost of day-to-day living."
The news follows recent findings by Direct Bank First Direct, which showed failure to deal with debts was the number one regret held by many in regards to last year.
By Neil Burton
